Maruti Suzuki will be increasing prices of its vehicles next month, with effects from January 01, 2021. The company is yet to disclose the quantum of the price hike or will it be on select models or across the range. The Indian carmaker has cited increase in input cost (cost of raw materials) as the primary reason of the price hike. Price revision at the end of the year has become a norm in the auto industry and all major carmakers marginally increase the prices of their vehicles during this time of the year.
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Maruti Suzuki has said that the price hike will vary from model to model.
"Over the past year, the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021," Maruti Suzuki said in a regulatory filing at the Bombay Stock Exchange (BSE).
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Maruti Suzuki is yet to share the quantum of price hike.
Maruti is not the first carmaker to announce price increase this year. Carmakers like Hyundai and Ford have already increased prices earlier this year. Even premium carmakers like BMW and Audi had marginally increased prices of select models earlier in October and November, respectively. Maruti Suzuki has also said in the filing that the price hike will vary from model to model, but is yet to share the percentage of price hike.
